Messages

1

Canadian Tax Sales / Re: Sell property to my own corporation - tax implication

« on: March 05, 2008, 03:31:23 PM »

Thanks all,
As for fair market value, legal fees, land transfer, I have no problem. I am determined to follow due process as I would do if I sell it to third part. I just want to be sure that this is legal and that there is no tax implication to me the seller. For example, capital gain etc.

Regarding the mortgage for corporate. I have called few companies, they all seem to be evading lending to business. I have just obtained a phone number of a part of ING direct that lends to commercial entity. I will contact them very shortly.

Any more information will be greatly appreciated.

Ajasco

2

Canadian Tax Sales / Sell property to my own corporation - tax implication

« on: March 05, 2008, 01:45:57 AM »

Hello all,
I need help.
I own a corporation. I am about to move from my condo to another bigger house. Since I will like to expand my business, I  will like to sell this condo to my corporation so that my corporation can rent it out.
First. Is this legal?
Second, Is there any tax implication to me personally?

Thanks all in advance

Ajasco